Mediacom Communications Reports Results for First Quarter 2008
Wednesday, May 7th, 2008MIDDLETOWN, N.Y. — MEDIACOM COMMUNICATIONS CORPORATION (Nasdaq: MCCC) today reported financial results for the three months ended March 31, 2008.
Three Months Ended March 31, 2008 Compared to Three Months Ended March 31, 2007
Video revenues grew 6.0% from the first quarter of 2007, due to price increases and customer growth in the Company’s digital and other advanced video products and services, including DVRs and HDTV, partially offset by a lower number of basic subscribers. During the quarter, the Company gained 2,000 basic subscribers, compared to a reduction of 18,000 for the same period last year, which included the negative impact of the Company’s retransmission consent dispute and the net divestitures during the period of cable systems serving 3,300 basic subscribers.
During the quarter, digital customers grew by 27,000, as compared to an increase of 2,000 in the prior year period, ending the quarter with 584,000 customers, or 44.0% penetration of basic subscribers. As of March 31, 2008, 31.0% of digital customers received DVR and/or HDTV services, up from 22.6% at the end of the prior year period.
TABLE 7 Summary Operating Statistics (Unaudited) Actual Actual Actual March 31, December 31, March 31, 2008 2007 2007 ------------ ------------ ------------ Estimated homes passed 2,836,000 2,836,000 2,822,000 Total revenue generating units (RGUs) 2,802,000 2,724,000 2,615,000 Quarterly net RGU additions 78,000 51,000 24,000 Customer relationships 1,399,000 1,399,000 1,430,000 Video Basic subscribers 1,326,000 1,324,000 1,362,000 Quarterly net basic subscriber gains (losses) 2,000 (7,000) (18,000) Digital customers 584,000 557,000 530,000 Quarterly net digital customer additions 27,000 16,000 2,000 Digital penetration 44.0% 42.1% 38.9%
More: Earnings Release
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